Executive Summary:The aim of this report is bring in highlight the
threats that the banking sectors are facing though the cyber world. This
article also focuses to some of the recent cases where advance the attackers
fooled IT securities and millions of data and money were stolen from the banks.
The group researched about the issue and found out the main causes mostly human
errors. Therefore , it can be concluded from the above points that, there are
threats to security everywhere but it can be abolished by taking some simple
measures.

Banks and financial institutions have put much
effort into internet security measures to protect public from fraud while
banking online, at the same time, attackers are even trying harder to outwit
banks security system and because of which user’s private information comes to
jeopardy. In the recent years, the world
has already seen many cases of frauds through internet and each time the attacks
gets more solemn. This article will draw attention to few techniques that the
attackers use to capture data, some of those incidents that took place in the
recent years and stunned the entire world.

Discussion:

U.A.E.

UAE, being one of the richest countries in the Middle East, spends a lot
for security purpose. Even though its security was compromised in the year of
2016 and the suffered sector was automated teller machines (ATM). The imposters
used some kind of malware that hacked into the banks defence system by credit
card used by the customers. As per reports by Kaspersky solution, UAE became
one of the prime targets for at least three massive cyber attacks by use
of ATM. Though the country kept silence about the financial loss, it is estimated approx 100 million dollars were
stolen by attackers from those three attacks.

The chief
police when interviewed, revealed that the attacks mainly came from North
Korean country’s , and investigation is on process .

Qatar
National Bank Hit by Cyber Fraud:

The leading gulf country of the
time, Qatar was been shook by the data leak of customers from national bank of
Qatar. The leak-exposed details of many clients on social media, some Al
Jazeera stuff were exposed. The leak contained information about thousands of
transactions between the QNB customers, including transmittal data of other
global banks and investors. The 1.4 GB file also contained the password, names
and other details of the Qatar ruling family, the defence officials and the
intelligent officials.
One former QNB customer mentioned in the file, who has since left the country
and declined to be identified, confirmed to the Financial Times that his
details posted online were accurate. Security experts said the bank’s online
defenses were using vulnerable software that appear to have been breached by
fairly common infiltration methods. State-controlled QNB has said it is
investigating the matter, which it referred to as social media speculation in
regard to an alleged data breach. QNB said it did not comment on reports
circulated via social media but assured all concerned that there is no
financial impact on our clients or the bank.

Kuwait’s
fraud Women:

A women working for the countries
state electric board stole 12million kd , from the banks of the customers by
crooking them in the year of 2016. Currently, fled to Iran is in search by the
Interpol. She was exposed after 50 complains by the customers were made. She breadspreaded a pieces of malware via e-mail
attachments into victim’s device to covertly record keystrokes.
While the victims, have no idea of her existence, she got out PIN, passwords and other internet security
information and use them to fluff up money.

Rising
cases of frauds in Oman:

There has been a boost in online
frauds in the recent years, in Oman due to rising figure of fraudsters. Omani
police states that the majority of online mishaps happens because of peoples
negligence to security options. There are also reports that there had been a
rise of six percent to 90$million every year in cyber crime against banks.
There have reporting cases of Money Mules. Money mules are a person whom
attackers use as a medium to transfer money from one account to other. Imposter persuades the victim to accept the
money and later transfer it to any other account. As a money mule, the victim
of accused for stealing of money , processed by law as fraud.

Exigency
Of cyber security in Bahrain:

The Bahraini businesspersons’ are
getting prepared for the increased amount of cyber attacks that have recently
hit the country. According to reports by IT experts in the kingdom the companies get an average of 2000 threats
per year , and many of them is unaware of the process of dealing with these
threats.

in recent
times, the Bahrain’s national gulf air services faced a hack of their official
facebook and twitter page, which lead to attempts to access security details of
the agencies bank accounts. The police states the major issue in country like
Bahrain is the attraction to opposite sex, which leads to the leak to personal
information and attempts to access financial information.

Lebanon

May 15, 2017 the central bank,
suspended its online services as a precautionary step as cyber attackers hit
its email services. However, the attackers were not able to lift any data or
money, due to the banks strong security measures. With the use of detrimental
Zeus Trojan, attackers got into one’s browser. Bypassing the browsers security
details tried to get the information’s from the web page of the bank, injecting
a malicious page into the system.

Conclusion:

Thus in conclusion it can be stated that…Considering the numerous
attacks made by cyber criminals, it can be said that attempts may increase in
future. Not only the security services getting stronger but also the ways to
jailbreak them. Technicians are working hard to stop all the attempts, but it
is not possible if the victim is not aware of the security. For this ,
education also plays a key role and the government must provide adequate
information to people. Financial sector and government are working together to
enhance measure to eradicate cyber crimes. Few basic steps, by which one can
easily protect personal data, 1stly one must always keep their device to latest
possible updated software provided by the companies. Browser must be kept to the highest level of internet security
notification. One must report to police , if receives to any call asking
for banking details. Emails, asking for banking details must be crosschecked
with banks. Use of antiviruses , and malware detecting software can be used to
reduce threats.